CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2017 |
Jun. 30, 2016 |
| Cash flows from operating activities: |
|
|
| Net Loss |
$ (1,560,749)
|
$ (953,491)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Stock based compensation |
12,396
|
48,750
|
| Accretion of notes payable discount |
83,848
|
12,465
|
| Warrants issued for services |
147,582
|
|
| Depreciation and amortization |
20,812
|
22,171
|
| Changes in assets and liabilities: |
|
|
| Increase in prepaid and other assets |
98,331
|
58,124
|
| Increase in accounts payable and accrued expenses |
330,642
|
353,665
|
| Increase in deferred income |
199,534
|
|
| Net cash (used in) operating activities |
(667,302)
|
(458,316)
|
| Cash flows from investing activities: |
|
|
| Purchase of property and equipment |
(87,606)
|
(7,500)
|
| Net cash (used in) investing activities |
(87,606)
|
(7,500)
|
| Cash flows from financing activities: |
|
|
| Proceeds from debt financing |
|
80,950
|
| Proceeds from debt financing (related party) |
|
367,485
|
| Principal payments on debt |
|
(14,950)
|
| Principal payments on debt (related party) |
(41,500)
|
|
| Payment of deferred offering costs |
(85,254)
|
|
| Net cash provided by (used in) financing activities |
(126,754)
|
433,485
|
| Net decrease in cash |
(881,964)
|
(32,331)
|
| Cash beginning of period |
998,737
|
33,805
|
| Cash end of period |
116,773
|
1,474
|
| Supplemental disclosure of cash flow information: |
|
|
| Interest paid |
46,685
|
5,050
|
| Income taxes paid |
|
|
| Schedule of non-cash investing and financing activities: |
|
|
| Warrants issued for services |
$ 147,582
|
|